IFM Investors Pty Ltd Acquires 1,585 Shares of Okta, Inc. (NASDAQ:OKTA)

IFM Investors Pty Ltd lifted its stake in Okta, Inc. (NASDAQ:OKTA) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,703 shares of the company’s stock after acquiring an additional 1,585 shares during the period. IFM Investors Pty Ltd’s holdings in Okta were worth $3,421,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. NBC Securities Inc. bought a new position in Okta in the 3rd quarter worth about $27,000. City State Bank lifted its holdings in shares of Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after buying an additional 160 shares in the last quarter. GAMMA Investing LLC bought a new position in Okta in the 4th quarter valued at $29,000. Harvest Fund Management Co. Ltd bought a new stake in Okta during the third quarter valued at $39,000. Finally, Principal Securities Inc. bought a new position in Okta in the 4th quarter worth about $48,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Canaccord Genuity Group boosted their price objective on Okta from $85.00 to $95.00 and gave the stock a “hold” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. raised their price objective on shares of Okta from $74.00 to $88.00 and gave the company a “neutral” rating in a research report on Monday, February 26th. Mizuho increased their target price on Okta from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Robert W. Baird lifted their price target on Okta from $90.00 to $108.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, Susquehanna increased their price objective on Okta from $70.00 to $115.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. Twenty research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus target price of $100.39.

Insider Activity at Okta

In other Okta news, Director Shellye L. Archambeau sold 5,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total value of $534,800.00. Following the sale, the director now directly owns 6,042 shares of the company’s stock, valued at $646,252.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Shellye L. Archambeau sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total value of $534,800.00. Following the completion of the sale, the director now directly owns 6,042 shares in the company, valued at $646,252.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Shibu Ninan sold 4,279 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the transaction, the chief accounting officer now owns 4,111 shares of the company’s stock, valued at approximately $428,119.54. The disclosure for this sale can be found here. Insiders have sold a total of 11,779 shares of company stock valued at $1,205,990 in the last ninety days. Company insiders own 7.36% of the company’s stock.

Okta Stock Down 0.7 %

Okta stock traded down $0.64 during trading hours on Friday, reaching $92.29. The stock had a trading volume of 793,448 shares, compared to its average volume of 1,060,182. The company has a market cap of $15.45 billion, a price-to-earnings ratio of -42.53 and a beta of 1.00. The business’s 50 day moving average price is $99.58 and its 200-day moving average price is $86.31. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.35. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. The company had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $586.25 million. Sell-side analysts anticipate that Okta, Inc. will post -1.51 EPS for the current year.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.